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Bitcoin’s Boom or Bust Moment

Written By: ChartChamp

May 8, 2024

BTC has gradually declined over the last few days, and the price is at a very important pivot. There was a break below the bull pennant, marked by the orange curve. However, BTC formed a strong rebound, but was unable to reach the upper end of the bull pennant. The recent selloff is raising concerns for another drop below the bull pennant again, which is causing some bearish sentiment in the market. Right now BTC is holding up pretty well, and appears to be forming a rebound. Bulls want BTC to stay above $62k to start trending up and forming a bullish breakout. Bears want this rebound to fail so that BTC can drop below the bull pennant again. The next few trading days will be extremely important for finding a direction.

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